One of the most important things that all retirees must think
about before retiring is how to ensure they will remain financially
stable once they stop working.
One of the most important things that all retirees must think about before retiring is how to ensure they will remain financially stable once they stop working.
In order to get the most out of this exciting, new time in your life, below are 10 tips to help you save after retirement.
1) Create a personal money management plan. Doing this will help you manage your fears and your money.
2) Take advantage of senior discounts. AARP offers many discounts on everything from airfare to wireless phones and restaurants. Your local grocery store may also offer discounts for seniors on entire purchases during certain days of the week.
3) Stop yourself from impulse purchases.
4) Watch out for fraud and identity theft. Retirees often become the victims of these crimes. Make yourself a hard target. Be wary of offers that sound too good to be true. Don’t just throw away printed personal information, instead shred it. DO NOT divulge personal and financial information to unsolicited e-mails or calls.
5) Research your prescription drug costs. Determine how beneficial it is to buy the Medicare-Approved Drug Discount Card.
6) Get discounts on insurance. If you are a “safe driver,” one who hasn’t had an accident in the past three years, a low mileage driver or a long-time customer, contact your insurance company for a discounted rate. To lower your home insurance premium by 5 percent, install burglar, fire and smoke alarms.
7) Evaluate long-term care insurance. Talk this over with your family to decide if, given your medical and family history, you might really need it.
8) Consider part-time work. Are you really ready to stop working altogether? If not, consider a fun, low-stress job that won’t feel like real work. Maybe one that you would receive discounts and freebies from.
9) Shop around. Before making big purchases, such as travel packages, home appliances, new cars, mattresses, etc., do your research. First have an idea of what product and brand you want and how much you are willing to spend. Then take your time pricing them online and in stores.
10) Hire a financial planner. Getting the help of a professional can help you make smart decisions with your investments and help you create your personal money management plan. They can also help you cut your tax bill.
Remember, this is your time to enjoy the fruits of your labor. Experience new places and try new things. Just don’t go overboard. Stick to your financial plan and continue to look for discounts. Share your knowledge with your friends and have them share their savings secrets with you.
Eric Heckman is president of Heckman Financial & Ins. Contact him at www.WealthCreator.com or 297-9800.
